Many people do not know what differentiates a probate from a trust property. They may often think both are much the same thing. But truth be told, the only main thing they have in common is the handling of someone’s property upon their passing. And, the difference between probate and trust processes becomes clear beyond that. In fact with probate, lack of a will or key will stipulation gets typically involved. As a result, the steps that follow would involve probate court, for handling.
A probate property, being handled by the probate court system, must also involve some legal steps for its settling. And, these steps typically incur some expense. At the same time, the expense must be paid out from any estate proceeds. In fact, said expenses must be paid out before any beneficiary proceeds. As a result, it behooves an Executor or Administrator of any estate to be familiar with probate law and handling. They should be aware of the legal hoops, hurdles and steps necessary to navigate the process successfully.
Difference Between Probate and Trust Processes and Property
In the case of trusts, handling of a deceased person’s estate typically does not include the probate court system. It avoids that component of the process. And as it does, it also avoids probate expenses involved.
A legal document, the Living Trust, also referred to as “inter vivos” or “revocable” trust is one of the most widely used processes for estate handling. And, it gives the grantor (trustee), the person who creates the trust the ability to designate assets. Since all the estate assets remain solely within the security of the trust, the grantor may do what they wish with them. They may do that freely, while still alive. Although upon their death, the one they designate as the successor trustee, takes it from there with handling. The successor follows all the instructions left by the grantor, for them. No surprise then, why many people choose a Living Trust for themselves and beneficiaries. All this, with no court intervention, while the successor trustee ensures estate assets are handled, dispensed to beneficiaries and liquidated.
Would you like to know more about the difference between probate and trust? Want to know more about the California probate process, trust process, or probate property as well as trust property? Simply turn to the experts in California probate and trust real estate. The LaRoche Team specializes in all these related fields! Why not give them a call today?
